LONDON, Jan 11 (Reuters) – Troubled Switzerland-based
refiner Petroplus has hired financial advisory firm
Rothschild to advise on a potential restructuring, as distressed
investors sniff around the company’s debt, a source close to the
talks said on Wednesday.
Rothschild’s Paris-based team is handling the discussions
with Petroplus, the source added.
Zhejiang Geely Holding Group’s acquisition of Volvo from Ford for US$1.8bn means a Chinese carmaker has finally succeeded in reaching agreement to buy a Western marque. Ford originally put the Swedish brand up for sale nearly three years ago, as GM looked for a buyer for its notoriously gas-hungry Hummer.
Sichuan Tengzhong Heavy Industrial Machinery, advised by Credit Suisse, agreed to buy Hummer last June but that deal was later shelved. Similarly Beijing Automotive Industry Holding Co pulled out of a possible purchase of GM’s Swedish asset Saab. That deal had been fronted by smaller Swedish luxury carmaker Koenigsegg.
(Acquisitions Monthly) Tidjane Thiam unveiled his proposal to transform the Pru into an Asian-focused animal just five months after taking over as chief executive of the stately British insurer. The former Aviva man obviously feels the opportunity presented by state-supported AIG’s effectively forced sale of its Asian crown jewel was too immense to ignore.
The US$35 billion transaction – the biggest ever in the sector – also fits in with the currently accepted reading of the financial runes: that the thriving economies of Asia will provide much of the next decade’s growth. Nevertheless Thiam has done well to secure the services of three of the financial crisis’s undoubted winners in Credit Suisse, JP Morgan Cazenove and HSBC.
The recommended £11.9bn (US$19.4bn) offer by Kraft for Cadbury appears satisfactory to both parties. Kraft gets its prize, ultimately paying 13% more than it initially wanted. Cadbury shareholders receive 48% more than the value of their shares prior to Kraft’s approach.
Cadbury’s board can be pleased they managed to extract so much value when alternative bids seemed unlikely. Kraft’s management, led by Irene Rosenfeld, has remained disciplined helped by the side deal: selling its pizza business to Nestle for US$3.7bn.